Chase Bank forgives all credit card debt for Canadian customers

August 9, 2019

"Chase made the decision to exit the Canadian credit card market. As part of that exit, all credit card accounts were closed on or before March 2018. A further business decision has been made to forgive all outstanding balances in order to complete the exit," Maria Martinez, vice president of communications for Chase Card Services, said in a statement."

https://www.usatoday.com/story/mone...es-all-credit-card-debt-customers/1964419001/

 

Couldn't find the total amount tho, i guess, charity wasn't that big.

 

So next story will be about responsible Chase clients who always paid off their credit card balances but were treated worse than irresponsible customers.

 

Some countries credit card companies aren't allowed to charge 6000% percent and stuff while other nations have limits for all citizens on how much credit there allowed to carry. Bloomberg had a newsbit about "while USA has some of the lowest interest rates in quite some time credit card companies are charging the maximum there allowed by law". Which is why Congress forbids fleecing members of the armed forces where credit is concerned, but for ordinary folks its all perfectly legal.

 

https://nypost.com/2019/08/11/bankruptcy-filings-rising-across-the-country-and-it-could-get-worse/

 

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Wonder if that is like debt forgiveness in USA;
its taxable, this year-...……………………………………….??

 

Maybe not taxable in Canada?

 

Its not a complete story...they also cleaned out those that paid their debts on time or ahead on their payments.

All they did back in 2018 was tell clients the account card can no longer be used, they didn't send out new cards for accounts that were going to expire but told clients to continue paying their monthly bill.

I know someone with a 15k card...never missed a payment and then BOOM...he didn't know it and used his card as normal at The GAP...card declined. He called Chase and was informed the account was closed but he should continue paying his monthly bill until the card is payed off...which is exactly what he continue to do.

Then another BOOM this year...now he doesn't have to pay off the card...they forgave the outstanding debt he had (something like 8.5k)...all via his purchases on Amazon.

Had I known this was going to happen before 2018...I would have gotten a Amazon VISA rewards card and ran it up as high as possible on the Amazon purchases or I should have stayed in close contact with a relative that's an executive at Chase.

Its amazing that the Canadians have kept this quiet for almost a year...it didn't get leaked out to the media until now.

By the way, the Amazon VISA rewards thru Chase is typically popular with the students. Chase may be doing this for a bigger pay day at the end of the tunnel.

wrbtrader